The White House on Wednesday announced its tax reform plan, vowing a simplification of a complex tax code and relief for individuals and businesses.The Trump administration is keeping its word on the simple part, releasing a one-page document breaking down the key points of the package.Here's what you need to know about the plan.The intentionThe White House says its goals for the "2017 Tax Reform for Economic Growth and American Jobs" plan is to "simplify our burdensome tax code" and "lower the business tax rate from one of the highest in the world to one of the lowest."Throughout the 2016 campaign, President Donald Trump vowed to ease taxes on small businesses and the middle class. The substance and success of his administration's plan will go a long way to deciding if he meets those promises.Fewer brackets, bigger deductionFor individuals, the tax code is getting more simple, with the number of tax brackets dropping from seven to three -- 10 percent, 25 percent and 30 percent.The standard deduction for married couple is doubling, with no tax on the first $24,000 earned. The deductions for charitable giving and mortgage interest payments will remain, and the administration previously said it will provide tax relief for families with child care expenses, though the specifics have yet to be included.Big break for businessesThere is a flat 15 percent business tax rate -- a significant cut for businesses subjected to the top rate of 39.6 percent.U.S. multinational corporations would also see a low one-time tax on overseas profits, and a territorial system will be implemented that means companies would only owe U.S. tax on what they earn domestically.Death to the 'death tax'The package aims to cut the estate tax -- grimly known as the "death tax." The much-criticized practice taxes the transfer of the estate of a deceased person. Also on the chopping block is the alternative minimum tax and the 3.8 percent tax on investment income from the Obamacare law.What's nextThe administration will put its plan up for review, saying it will hold listening sessions with "stakeholders" throughout the month of May. White House officials will also work with House and Senate leaders to hammer out details of the plan. National Economic Director Gary Cohn said he was sure the package would receive heavy pushback from Democrats and Republicans alike, but “I will never bet against this president.”Releasing a statement after the plan was unveiled, Republican House Speaker Paul Ryan and other House leaders said a joint statement "with an eye toward fairness and simplicity, we're confident we can rebuild our tax code in a way that will grow our economy."

The White House on Wednesday announced its tax reform plan, vowing a simplification of a complex tax code and relief for individuals and businesses.

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The Trump administration is keeping its word on the simple part, releasing a one-page document breaking down the key points of the package.

A handout for the White House’s "2017 Tax Reform for Economic Growth and American Jobs" plan.

Here's what you need to know about the plan.

The intention

The White House says its goals for the "2017 Tax Reform for Economic Growth and American Jobs" plan is to "simplify our burdensome tax code" and "lower the business tax rate from one of the highest in the world to one of the lowest."

Throughout the 2016 campaign, President Donald Trump vowed to ease taxes on small businesses and the middle class. The substance and success of his administration's plan will go a long way to deciding if he meets those promises.

Fewer brackets, bigger deduction

For individuals, the tax code is getting more simple, with the number of tax brackets dropping from seven to three -- 10 percent, 25 percent and 30 percent.

The standard deduction for married couple is doubling, with no tax on the first $24,000 earned. The deductions for charitable giving and mortgage interest payments will remain, and the administration previously said it will provide tax relief for families with child care expenses, though the specifics have yet to be included.

Big break for businesses

There is a flat 15 percent business tax rate -- a significant cut for businesses subjected to the top rate of 39.6 percent.

U.S. multinational corporations would also see a low one-time tax on overseas profits, and a territorial system will be implemented that means companies would only owe U.S. tax on what they earn domestically.

Death to the 'death tax'

The package aims to cut the estate tax -- grimly known as the "death tax." The much-criticized practice taxes the transfer of the estate of a deceased person.

Also on the chopping block is the alternative minimum tax and the 3.8 percent tax on investment income from the Obamacare law.

What's next

The administration will put its plan up for review, saying it will hold listening sessions with "stakeholders" throughout the month of May. White House officials will also work with House and Senate leaders to hammer out details of the plan.

National Economic Director Gary Cohn said he was sure the package would receive heavy pushback from Democrats and Republicans alike, but “I will never bet against this president.”

Releasing a statement after the plan was unveiled, Republican House Speaker Paul Ryan and other House leaders said a joint statement "with an eye toward fairness and simplicity, we're confident we can rebuild our tax code in a way that will grow our economy."